Do you want to start a new company today? and you are thinking about how would you progress it?
Let’s find out!
Step 1: Find a new business idea!
“Everything begins with an idea.”
Having a great idea is simply the first step. It is up to you to take it from idea to something that offers more importance. Eventually, this all comes down to preparation, growing upon what exactly your idea involves now. As such, when thinking about how you can develop your idea, some of the topics you need to ask yourself are:
- What is the unique sell of points (USP) of your goods and/or services?
- Who is your target audience?
- What significance does your goods and/or services have to offer?
- Do customers really need what you are offering?
We firmly believe you should only start a business around something you know and in which you are familiar with, where you have worked for a while.
Without that experience, it would be more difficult to compete when starting a business. So lessons learned here, don’t just create the first thing that comes to your mind. Find a market niche at the beginning. Find something where you and your expertise can stand out.
After finalizing the business idea you can then register your business easily under a few 100 bucks.
Step 2: Find a day job!
Think about what’s your motivation when starting a new business?
Also, the motivation to start a business should not be like ‘I want to start a business’ or “I am out of a job”, so let us start a new company.
In that case, you should try to get a day job. You have to say that you do not have the pressure of running out of money and not being able to afford the rent. It will put you on a more suitable position for anything you set out to do.
Although it can be fascinating just to pack up and leave your current employment. At this stage, you are simply searching with your business idea and are still reliant upon a regular income stream. Of course, this implies that you will be working longer hours, but you need to be practical and accept that only 20 percent of the new startup make it to their 5th year. So choosing to jump ship right now could be a harmful mistake, particularly if your business folds. Additionally, by still staying employed you’ll retain your job security and can use the income to maintain the foundations for your startup.
Finally, this should be a day job that gives you some flexibility. If you are tied to a desk 9 to 5, it’s going to be hard to get anything else done.
Step 3: Find a co-founder!
We strongly believe that you should have a co-founder when starting a new business as you wouldn’t have time to do all the things, so it’s better to seek a new co-founder for this.
You can reach out to your friends who have some of the skills and knowledge in that area. You can also attend meetups, go to events for that matter.
Finding a co-founder is hard! as they should be in a similar position as you and they should be excited about the idea of starting a new business, enough to commit to it.
Step 4: Kick-off
Again, you should do this while maintaining your day job.
You can start by purchasing a new domain. It won’t cost you more than a few hundred INR just make sure to choose a catchy and short name for your brand.
If your co-founder is working on the product, then you should on the website and the social proof. SEO takes a lot of time, and since you are beginning from scratch, you should try to fill up a blog with some content as early as possible.
Maybe some Product Hunt and Reddit content to see how customers would react to the idea, and then, you should start this, as soon as possible as soon as it’s convenient. Call it Alpha, Beta, whatever you want and get it in front of your customers or clients.
Step 6: Seek funding
Despite having a concept you’re excited about, the fact that you’re beginning with zero capital can feel like a deadfall in itself. Yet rather than toss in the towel before you’ve got started, know that there are lots of external funding possibilities available designed especially for startups.
Don’t forget about Startup accelerators as they offer the initial funding and a vast network of investors.
You can also use various crowdfunding websites to raise funds for your business.
What comes next?
Well, that depends on the business type. But we hope this is enough to shed some light on the initial approach to start your very own business.
Do check out these basic business ideas that might help you, do let us know how did you find both of them?